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Aberdeen Funds Redeems ARS

By

Andrew Edwards

Updated April 18, 2008 11:42 a.m. ET

Aberdeen Asia-Pacific Income Fund Inc. said it will redeem and replace all of its $600 million in auction-rate securities.

"The auction rate market has been subject to an unusual set of circumstances and the fund's preferred shareholders understandably had concerns," said Gary Bartlett, chief executive of Aberdeen Asset Management Inc....